What is Inventory Management?
It is the process of overseeing and controlling the flow of goods and materials in a business, from the point of acquisition or production to the point of sale or use. It involves tracking inventory levels, orders, sales, and deliveries to ensure that a company has the right amount of stock on hand to meet demand without overstocking or running out of items.
Stock Control
Monitoring inventory levels to ensure that the right quantities of products are maintained, preventing shortages or excess stock.
Order Management
Placing orders for new stock when inventory levels reach a certain threshold. This can involve managing suppliers, lead times, and costs.
Cost efficiency
Proper inventory management helps reduce costs by avoiding excess stock, storage fees, and waste, while ensuring the right products are available to meet customer demand.